Wright & Associates Insights Newsletter
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Wright & Associates Insights Newsletter
General insights from the world of RRSP's, RESP's, TFSA's and the rest of the alphabet soup known as savings plans.
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Canada’s big banks rolling out higher fees on account holders

Canada’s big banks rolling out higher fees on account holders | Wright & Associates Insights Newsletter | Scoop.it
"Big Five" banks each increasing service fees on accounts and transactions, moves that will pad bank revenues but lift costs for customers.
Wright & Associates's insight:

The net effect of the rate hikes on consumers (and affected small business accounts) will be negative, with day-to-day banking costs becoming suddenly more expensive.

 

Mercer also questions the relatively lockstep nature of the hikes at each bank. “You can draw the conclusion that there’s a lack of competition in the market when they raise rates this way,” he said.

 

Huh?  They don't make enough money already???  I think it's time for Canadians to take a serious look at the alternatives to the big banks.  Credit Unions, Caisse Populaires.  Something must be done about these behemoths ruling the country, not only in the financial sectors, but also ruling your pockets.  

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Disability and long-term care insurance

Disability and long-term care insurance | Wright & Associates Insights Newsletter | Scoop.it
Many people often confuse disability insurance and long-term care insurance. In fact, these are not the same thing, and you should not assume that if you have a disability plan through your . . .
Wright & Associates's insight:
disability and long-term care insurance can get complicated. And most of us would rather not even think about it. But like any other piece of pre-planning, like a lifeboat, it can get you out of a dangerous situation when you need it the most. You can’t buy disability insurance directly. So a qualified insurance agent is a good place to start your shopping. - See more at: http://www.newsoptimist.ca/opinion/columnists/disability-and-long-term-care-insurance-1.1791992#sthash.jtj7bcwl.dpufdisability and long-term care insurance can get complicated. And most of us would rather not even think about it. But like any other piece of pre-planning, like a lifeboat, it can get you out of a dangerous situation when you need it the most. You can’t buy disability insurance directly. So a qualified insurance agent is a good place to start your shopping. - See more at: http://www.newsoptimist.ca/opinion/columnists/disability-and-long-term-care-insurance-1.1791992#sthash.jtj7bcwl.dpufdisability and long-term care insurance can get complicated. And most of us would rather not even think about it. But like any other piece of pre-planning, like a lifeboat, it can get you out of a dangerous situation when you need it the most. You can’t buy disability insurance directly. So a qualified insurance agent is a good place to start your shopping. - See more at: http://www.newsoptimist.ca/opinion/columnists/disability-and-long-term-care-insurance-1.1791992#sthash.jtj7bcwl.dpuf
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VIDEO: Dad-of-three (39) diagnosed with Alzheimer’s Disease to embark on a 16000 mile cycle to raise research funds - Independent.ie

VIDEO: Dad-of-three (39) diagnosed with Alzheimer’s Disease to embark on a 16000 mile cycle to raise research funds - Independent.ie | Wright & Associates Insights Newsletter | Scoop.it
A British dad diagnosed with early onset Alzheimer’s Disease at the age of 39 will embark on a 16000 mile cycle across America to raise research funds.
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Angelo Mosca’s Alzheimer’s diagnosis has other players seeking help | Toronto Star

Angelo Mosca’s Alzheimer’s diagnosis has other players seeking help | Toronto Star | Wright & Associates Insights Newsletter | Scoop.it
Other former CFL players now suspect that their memory loss could be linked to the pounding their heads once took, during games and in practice.
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RRSP vs. RESP: Which comes first?

RRSP vs. RESP: Which comes first? | Wright & Associates Insights Newsletter | Scoop.it
RRSP vs. RESP: Two MoneySense dads state their case about which investment they’re focusing on, and why.
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How to cut the costs of probate | Michael Ryval | Personal Finance | Morningstar

How to cut the costs of probate | Michael Ryval | Personal Finance | Morningstar | Wright & Associates Insights Newsletter | Scoop.it
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Easy Tips To Make Your Income Go the Distance

Easy Tips To Make Your Income Go the Distance | Wright & Associates Insights Newsletter | Scoop.it
Another option for affluent families like Hugo and Milena is to consider setting up a family trust. It works best when families have a significant amount to settle into the trust or loan the trust. This may be considered for amounts over $1 million d...
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Jim Flaherty's criticism of income-splitting haunts the Conservatives a year later

Jim Flaherty's criticism of income-splitting haunts the Conservatives a year later | Wright & Associates Insights Newsletter | Scoop.it
Tories' tax-cutting promise rapidly becoming a election issue.
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Growing PTSD crisis among Canada's first responders

Growing PTSD crisis among Canada's first responders | Wright & Associates Insights Newsletter | Scoop.it
Across this country, an ambulance siren tells us someone's in distress, the police, the paramedics, the firefighters need to get
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Assisted suicide: Physicians want more palliative care as well

Assisted suicide: Physicians want more palliative care as well | Wright & Associates Insights Newsletter | Scoop.it
The Supreme Court of Canada decision to allow people with 'grievous and irremediable medical conditions' to ask for a doctor-assisted death should be just the start of a much needed conversation, one that includes palliative care as well, physicians say.
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Revenue Canada's call centres giving bad tax advice: report

Revenue Canada's call centres giving bad tax advice: report | Wright & Associates Insights Newsletter | Scoop.it
I realize that no one is perfect, but when you call the CRA for advice/help, they should at least be able to give you the correct answers.I realize that no one is perfect, but when you call the CRA for advice/help, they should at least be able to give you the correct answers.I realize that no one is perfect, but when you call the CRA for advice/help, they should at least be able to give you the correct answers.An internal report from the Canada Revenue Agency says call-centre workers are too frequently giving the wrong answer to businesses who call in asking tax questions. The finding that as many as one in four responses are wrong vindicates previous complaints by the Canadian Federation of Independent Business.
Wright & Associates's insight:

I realize that no one is perfect, however when you call the CRA for advice on a tax issue you would think the response you get would be correct.  IF you receive the wrong answer and it affects your tax return, could you blame CRA?

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Five financial concepts business owners should understand — but don't

Five financial concepts business owners should understand — but don't | Wright & Associates Insights Newsletter | Scoop.it
When it came to testing entrepreneurs on their knowledge of specific financial concepts, an Intuit Canada survey found, only 26% understood the purpose of a balance sheet, and a mere 2% managed to...
Wright & Associates's insight:

Taking the time to understand basic financial concepts such as these may seem daunting at first, consider it one of the most important business investments you’ll ever make.

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Risky mortgage bonds are back seven years after the U.S. housing crisis - just don't call them subprime

Risky mortgage bonds are back seven years after the U.S. housing crisis - just don't call them subprime | Wright & Associates Insights Newsletter | Scoop.it
Investment firms are looking to revive the market without repeating the mistakes that fueled the U.S. housing crisis last decade, which blew up the global economy
Wright & Associates's insight:

All I can say is "those who don't learn from the past are doomed to repeat it."  1987, 1994, 2001, 2007, 2015(?).

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Did Insurance Giant Defraud Thousands of Mortgage Holders? | The Tyee

Did Insurance Giant Defraud Thousands of Mortgage Holders? | The Tyee | Wright & Associates Insights Newsletter | Scoop.it
Province should have warned consumers, BC opposition says.
Wright & Associates's insight:

I have always wondered how they could get away with, "including rules that prohibit the operation of an unauthorized insurance business and the payment of commissions to unlicensed agents.".  Every person who has worked in mortgages at a bank (even loans) has done this as well.  Maybe this should open up the regulators eyes and force them to have a look at this practice.

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Reforming Retirement (5): Don’t cut OAS. Cut the need for it

Reforming Retirement (5): Don’t cut OAS. Cut the need for it | Wright & Associates Insights Newsletter | Scoop.it
In January, 2012, speaking to an audience of world leaders in Davos, Switzerland, Prime Minister Stephen Harper first hinted at a looming threat to Canada’s retirement system – and his government’s plan to deal with it. He described the ...
Wright & Associates's insight:

The cost of OAS is rising much faster than inflation, which isn’t surprising given the aging of the Canadian population. Unlike CPP, OAS isn’t a savings program; its “pensions” are paid by current taxpayers. Back in the 1970s, there were seven workers for each golden ager. Today, there are roughly four. In 15 years, the ratio is expected to fall to just 2:1.

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A collateral mortgage can trap you: Roseman | Toronto Star

A collateral mortgage can trap you: Roseman | Toronto Star | Wright & Associates Insights Newsletter | Scoop.it
You may want to change lenders at the end of a mortgage term. But with a collateral mortgage, your freedom to move will be constrained.
Wright & Associates's insight:

Many people don’t know the difference between a conventional and a collateral mortgage, since the information is buried in the fine print of a detailed agreement.  Do you know which one you have?  You may be surprised to find out.

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How to borrow money from your RRSP without getting penalized

How to borrow money from your RRSP without getting penalized | Wright & Associates Insights Newsletter | Scoop.it
You have a financial emergency and need cash fast - should you make an early withdrawal from your RRSP? Mostly likely no, as it could really cost you.
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Gov't spending should be fair to all age groups

Gov't spending should be fair to all age groups | Wright & Associates Insights Newsletter | Scoop.it
Kershaw is founder of Generation Squeeze (gensqueeze. ca), and a policy professor in the School of Population Health at UBC.
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Love and taxes: Canadians confused on how marital status impacts deductions, credits

Love and taxes: Canadians confused on how marital status impacts deductions, credits | Wright & Associates Insights Newsletter | Scoop.it
It also happens to fall smack in the middle of tax season. And, believe it or not, the Canada Revenue Agency is almost as interested in your relationship status as your mother is. It’s not uncommon for taxpayers in Canada to be confused about the tax rules and how they intersect with our love lives. A recent survey by Leger, on behalf of H&R Block Canada, found that more than half of us mistakenly think that married and common-law spouses can file a joint return to save money on their taxes. Ano
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Free tax advice costs low-income senior $5,000: Mayers

Free tax advice costs low-income senior $5,000: Mayers | Wright & Associates Insights Newsletter | Scoop.it
Mary lives on $15,600 a year. She cashed in a small RRSP to pay for repairs to her basement. Here’s why it was a costly decision.
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The right way to withdraw RESP funds

The right way to withdraw RESP funds | Wright & Associates Insights Newsletter | Scoop.it
This move can save you tax and reduce RESP headaches
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Family caregivers need support: Goar | Toronto Star

Family caregivers need support: Goar | Toronto Star | Wright & Associates Insights Newsletter | Scoop.it
Family caregivers need help to sustain the health-care burden they carry.
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Why mortgage-hunting Canadians are turning to alternative lenders

Why mortgage-hunting Canadians are turning to alternative lenders | Wright & Associates Insights Newsletter | Scoop.it
Squeezed out by stricter bank regulations, a growing number of mortgage-hunting Canadians have been turning to non-traditional lenders to overcome borrowing hurdles like bad credit.
Wright & Associates's insight:

Tighter government regulations have opened things up for alternative lenders to fill an important void.

They provide options for a range of potential borrowers, from people saddled with wobbly credit, to the recently divorced, to the self-employed who draw a smaller income from their business for tax purposes.

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Shadow lenders fuel risk in Canada's hot housing market

Shadow lenders fuel risk in Canada's hot housing market | Wright & Associates Insights Newsletter | Scoop.it
Rules introduced to cool the market are driving more borrowers to lenders who operate outside the reach of regulators — a risk raising alarms at the Bank of Canada
Wright & Associates's insight:

About 80% of mortgages in Canada are created by federally regulated lenders, including its five biggest banks, according to a 2013 Bank of Canada report. About 5% of home loans are originated by unregulated lenders.

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